You can't "tag" .wav files in iTunes. That is the major disadvantage with this format...and you can't play it on ipods either.
You can play wav files on ipods. I'm doing it right now. But on the pc side, I use jriver which let's you tag wav files. Personally, I stayed away from itunes -- I believe it doesn't make bit-perfect rips and in my experience the playback is not as good as other players, like jriver and foobar. Your mileage may vary.